Net profit on group level came in at 78 million euros ($99 million), up from a net loss of 687 mln a year earlier, but clearly lagging analysts’ forecasts of 131 million.

Commerzbank late on Wednesday said it would spend more than 2 billion euros on its core business with about half of the investment earmarked for its retail business, adding the core bank is targeting a return on equity after taxes (ROE) of more than 10 percent until 2016.